Nigeria’s leading non-interest banking services provider, TAJBank Limited, has been rated with Bbb+ by the foremost rating agency – Agusto & Co -, making it the best rated in the nation’s Non-Interest Banking (NIB) sector.
The latest rating, which is a notch up from the Bank’s previous rating, comes in recognition of the bank’s high-quality balance sheet and robust earnings capacity.
The lender clinched the rating of Bbb last year despite the prevailing economic situation, but this year took its operational efficiency and best practice principles higher to Bbb+, which industry analysts attributed to the bank’s zeal and strong performance rendering its innovative products and services to its growing customer base.
Commenting on the improved rating of the bank by the rating agency, the Founder/CEO of the fastest growing and value-driven non-interest lender, Mr. Hamid Joda, described the improved rating by Agusto & Co as a clear demonstration that TAJBank has continued to prioritize necessary risk management and operational controls, with a clear focus on quality processes related to first-class standards, management, and administration lifecycle.
He enthused: “The latest rating of TAJBank by the reputable agency has, once again, confirmed the management’s commitment to world-class standardization of the bank’s operations, especially in terms of ensuring high operational standards and service provisions for our growing customers on a sustainable basis.
“As we have consistently assured our customers and industry regulators, our primary goal is to deliver cutting edge quality and operational systems and services as well as protect the interest of our customers and by so doing, retain TAJBank as the leader in the NIB subsector of the banking system and make it the preferred choice for value-conscious customers in non-interest banking services in Nigeria and globally.
“Our message to both current and potential customers out there is that with TAJBank, they can be rest assured of the safety of their transactions and the bank’s readiness to support their business and other endeavors in line with our operational mantra, which says our interest is only the customer”, Joda assured.
In his remarks, the bank’s Executive Director, Sherif Idi, said that the latest TAJBank ratings by Agusto & Co. had again “reaffirmed TAJBank as a system and operational-conscious and standard-drive non-interest lender that today remains at the leading edge of the NIB sub-sectoral market and is determined to retain this position in the years ahead by prioritizing investment in human capital and innovative technologies and solutions in order to continue to serve its customers better and add value to the businesses or socioeconomic well-being.”
Agusto & Co. assigns credit risk ratings to various entities, including financial institutions, companies in the industrial and commercial sectors, state governments, mutual funds, asset management companies, leasing companies, and pension funds.
The firm’s rating is monitored and can be revised upwards or downwards depending on changes that occur in the organization during the validity period of the rating.
